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If you are a professional operating via a Limited Company, then you may be aware that several business expenses are tax deductible if incurred wholly and purposefully as a result of your contracting role. Common business expenses range from work equipment (laptops, stationary etc.) to travel (public transport, mileage etc.) but there are many expenses that a contractor can legitimately claim back that are less known.

Home Office…

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Being a Ltd company contractor means that we take on the responsibilities of a company owner, Shareholder and Director, and lose many of the benefits previously enjoyed as employees. Certain eventualities are often overlooked when taking the leap into contracting, one of which being jury duty and the effect this may have whilst working on a contract. As a contractor accountant, many of our clients have been…

Non-reimbursed employee expenses costing the Exchequer

Many employees will incur expenses during the course of the performance of their job, in particular business travel. If their employer does not pay for an expense directly or reimburse it, then it is left to the employee to claim tax relief on the cost of the expense directly from HMRC, provided the expense is incurred ‘wholly, exclusively and necessarily in…

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The Drinks Are on You

As the high street fills with carol singers and busy shoppers over the coming weeks, and as the local workforce begins spilling out onto the streets after their office Christmas do, what for the lonely contractor?

You may have been invited to your client’s Christmas party, and that’s fine (from an IR35 perspective we’d suggest you pay for your own ticket),…

It is always beneficial for you to claim Business Expenses through your Company where applicable. Business Expenses submitted for your Company are tax deductable and subsequently reduce the amount of Corporation Tax that your Company will be liable for.

The main expenses that you can claim are :-

Business travel and accommodation including mileage covered by car, bicycle or motor bike;

If you are a Limited Company Director, you are considered to be both an employer and an employee of your Company. As the employee of your Limited Company you may provide yourself with benefits and expenses, and some of these are taxable.

Allowable Expenses

Non Taxable expenses are otherwise known as ‘Allowable expenses’ – and including these can help you reduce your tax bill.